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What are the Two Most Important Questions to Ask Prospects?

Found a great video from Matt Easton today where he shared his two most important questions leasing consultants should be asking prospects:

I love the part about knowing when to switch to closing the sale.  What do you all think about these two questions?

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Bye, Bye 4 Ps of Marketing

The 4 Ps of Marketing are out at J.C. Hart.  We’ve redefined the principles we are focused on to not only drive new business, but make sure we are also taking care of the customers through the process.  Marketing, Sales, and Service all  need to work together within each principle. That’s how we’re defining these.  Here’s a quick video talking about Discovery, Story, Clarity, Buoyancy, and Courtesy.

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Rising Rents Make It Tough to Afford Housing But Property Owners Aren’t to Blame

Finding an apartment is hard enough. Understanding the calculus of finding an apartment you can afford could make you wish you’d paid more attention in math class. According to the latest annual report by the National Low Income Housing Coalition (NLIHC), "in no state can a minimum wage worker afford a one-bedroom rental unit at the average Fair Market Rent working a standard 40-hour work week, without paying more than 30% of their income."  In a market driven by supply and demand the scales may seem tipped against the renter, but it’s important to realize that property owners are also in a bind in that they need dependable cash flow to maintain operations, and the individuals whose income has to stretch beyond 30% to cover their monthly rent will likely also present a payment risk. In these days where consumer credit worthiness is in the doldrums, perhaps it’s time to re-think what percentage of income should be allocated to housing. Would 40% make more sense? That’s a larger conversation for bigger math minds than mine. For now, let’s look at what renters really need to know in budgeting for a new rental home. Take for example costs associated with a new one bedroom lease in rental markets like Charlotte, South Carolina or Austin, Texas. Here’s the math you have to assemble your budget: 1.       Twelve months rent @ $1,000 per month = $12,000. Anyone can get that far, but that’s only half the story. 2.       Twelve months rent @ $1,000 per month = $12,000 + one month r......
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What Foreign Companies Should Know Before Opening in the US

By George Pino From demographics to understanding the permitting and planning processes of each city, there is much to consider when foreign companies look to expand into America. We’ve all heard it before… “The American Dream” and “America the Land of Opportunity.” We have heard it so often that it has all but become a cliché; however, it would seem the entire world has heard the saying and in many ways have taken it up as a call to action. Over the last decade, we have seen an unprecedented amount of foreign investment into the United States, not just in dollars, but in companies looking to expand into different markets.  For many foreign companies, the US has become their “emerging market.” Although the recipe for the American Dream is easier than in most other countries around the world, it still does require hard work, persistence, and a little luck.  For foreign companies and concepts looking to expand into America must also keep in mind other pitfalls, especially when it comes to commercial real estate and leasing. First and foremost is the securitization of the lease.  Many times a newly formed US-based subsidiary looking to lease commercial property may not have independent financials, credit history, or significant assets in the US. This may lead to some landlords requesting guarantees from the foreign parent.  Although this sounds like a pretty easy and straight forward solution many landlords will not accept a foreign entity to securitize a commercial lease as they are concerned about the collecta......
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The Best Endorsement Your Community Can Receive.

EndorsementThe influence of reviews, published and personal has quickly become a determining factor in many purchasing decisions.  Leasing apartments is no exception.  Prospective residents will research rating and review pages searching for an endorsement for the apartment community they are considering. We have an opportunity to impress our prospects with first hand reviews.  The leasing team can create a great impression by giving a personal endorsement of their community; either as their work place, or as their home. Personal Endorsement How can the leasing team demonstrate their enthusiasm for their property? “We have such a great, convenient location!  I love living here! “Our maintenance team is the best!  Work orders are completed same day, and 24 hour availability for emergencies.” “The school system is highly rated.  They’re recognized nationwide for their results.” The best leasing experiences are achieved when there is a connection between the prospect and the leasing team.  A relationship is created.  Started during the leasing tour, this connection carries through into the relationship when the prospect moves in. The phone greeting and closing make a lasting impression on our prospects.  An enthusiastic personalized greeting can make the difference whether or not the prospect will have enough interest to schedule a tour and honor the appointment.  Without enthusiasm would the prospect even believe we have any interest in them, or will the be forgotten as soon as the next phone call is answered? “I’m so glad you called today.  When you can you come and visit our community?  I’d love to give you a tour of our ......
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New Report Shows Monthly Apt Jobs Listings by Position and Market Area

The competition is fierce for hiring property management positions nationwide.
Ever want to know how many apt companies are posting for the same position you are in your market? 

NAA this month is introducing a unique, new research graphic about apartment industry job listings.

The infographic shows how many jobs were listed in January 2018 for certain positions (property manager, leasing, maintenance, etc) in a given market.

It also shows how long it is taking to fill certain jobs and average salaries.

Here is January's report:

 

https://www.naahq.org/news-publications/january-apartment-jobs-snapshot

Come back during the first week of each month to see the latest data.

 

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What You Need To Know About The Rent Control Measure.

The Affordable Housing Act which was presented by Assemblymembers Richard Bloom and David Chiu as AB 1506, died in the Assembly’s housing committee earlier in the month. Now a new proposed ballot measure plans to repeal the 1995 Costa-Hawkins Rental Housing Act. Costa-Hawkins Act, the state law which more directly effects 5 of the 15 California cities with rent control, applies to large housing developments built prior to 1995 and does not include single-family homes, condos, and duplexes. Currently, in these markets, the landlord has the right to raise rents upon a tenant moving out and second, prevents the capping of rent on units constructed after February 1995. In Los Angeles City, rent control is applied to units constructed prior to October 1979, under the Rent Stabilization Ordinance, and yearly increases are capped at 3 to 8 percent (as set by the Rent Control Board) for the controlled units.   As a self-described union for renters, the Alliance of Californians for Community Empowerment (ACCE), filed the paperwork along with Michael Weinstein, President of AIDS Healthcare Foundation. Citing that California is facing a growing demand for affordable housing, a rise in homelessness and the historic housing crisis is pushing out low- and middle-income renters out, at times even in cities with some rent control. Supporters like the ACCE, say they have been gathering signatures easily, as people are expressing enthusiasm for the proposed November ballot. They have already collected 100,000 signatures, of the total 365,880 signatures needed by June to qualify for the ballot.   Critics like the California A......
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How to Combat a Drop in Occupancy

How to Combat a Drop in Occupancy
A declining occupancy rate: it's hard to think of something that's more likely to keep an apartment operator up at night. When a community's occupancy dips below targeted levels, revenue goals are jeopardized, budgets are quickly derailed, and investors' expectations are compromised. For third-party managers, relationships with owner-clients can be put at risk. The possible answers to an occupancy problem are many. Below are some of the potential culprits and suggestions for how to address them. Marketing and advertising campaigns. Is your community getting the right ROI from its marketing dollars? Does it focus its advertising spend on the channels that deliver the most qualified leads? Does it have an energetic presence on the right social media outlet? Is it targeting the right demographic? It's imperative that an operator has a system in place for continually evaluating the performance of its advertising and marketing sources in delivering a sufficient number of qualified prospects. If a community's strategy and tactics in this area are off, occupancy will suffer. As for onsite marketing, communities should be diligent about signage: sometimes a strategically placed banner or sign directing passersby where to enter the community or park is all it takes to gain an edge over your competitors. And make sure that your community is kept clean - for the sake of both prospects and your current residents. Are the grounds well maintained? Is there pet waste everywhere? Are your vacant units or models clean, fresh smelling and well lit? All of these factors can......
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Building A Social Media Brand In Multifamily

Today, seven-in-ten Americans use social media to connect with one another, engage with news content, share information and entertain themselves, that according to a study published this week from the Pew Research Center.   Admittedly, this doesn’t come as a shock to most - everyone is on social these days. And consequently, so is every brand looking to grab the attention of those 226 million+ eyeballs across the web...   But that doesn’t mean they’re doing it correctly.   Just like big name brands such as Starbucks, Budweiser and Lyft, building a relevant & engaging brand for your current - and prospective - residents on social has never been more important. After all, your property is a salient brand for them… It’s their home.   Here are just a few tips for building and honing your property’s branding on social:   Define your brand - and stick with it Ever seen a simplistic ad, with a white background and minimalist black-font script, and think to yourself, “Huh… Is it just me, or does that look like something from Apple?” That’s not a mistake - Apple, and most major brands, work hard to keep a consistent feel for their content. Another good example is the Instagram page of a newer brand, Crispin Cider. Note the consistent coloring across the entire page, tone of voice and messaging throughout.   Work with your marketing team to craft this - or if you’re a team of one, take time to think about what you want living at your buildi......
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HUD: U.S. Homeless Population Rises in 2017

For the first time in seven years, the U.S. homeless population increased in 2017.  Granted, the rise did not represent a huge statistical jump, but any increase is too large and serves as a poignant reminder of the immense challenge our country faces in ending homelessness. Our local, state and federal governments are making good-faith efforts to address this issue, but it's obvious they need a helping hand.  The increase is detailed in the U.S. Department of Housing and Urban Development's (HUD) recent 2017 Annual Homeless Assessment Report (AHAR) to Congress. Each year, on a single night in January, jurisdictions across the country count the number of their residents who are experiencing homelessness. Those counted include those in shelters and those who are unsheltered. The resulting point-in-time (PIT) counts for each jurisdiction are compiled by HUD into AHAR to present a comprehensive look at the size and scope of the nation's homeless population. On a single night in January 2017, 553,742 people were experiencing homelessness, according to AHAR. The figure represents a less than 1 percent increase from January 2016. HUD attributes the increase to "a 9 percent increase in the number of people experiencing homelessness in unsheltered locations, which was partially offset by a 3 percent decline in the number of people experiencing homelessness in sheltered locations."Sixty-five percent of those experiencing homelessness in January 2017 were in emergency shelters or transitional housing while the other 35 percent were unsheltered, according to AHAR.Here are some of the other key findings from......
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